Updated about 6 years ago on . Most recent reply
Appliances for Rental Property
Excited to be a new member here on BiggerPockets and also about the fact that I'm making my first post!
I recently closed on a single-family rental investment in Peoria, AZ. The previous owner took their refrigerator, washer, and dryer and I'd like to replace these items before I rent out the home.
My question is, would you suggest getting new (but the cheapest) appliances. I'm looking at $299 each for the washer/dryer, and about $800 for a refrigerator plus $100 for parts, delivery, and install from Home Depot. I was considering possibly buying used appliances but not sure if it's a good idea or not. The home is in a nice, quiet, gated community and I'm looking to get about $1300/month in rent. Could you let me know what you suggest or what worked best for you?
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#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Florida Panhandle/Illinois
Sounds like its a pretty nice area when you state it is in a gated community. I tend to do both. I buy new appliances for stove and refrigerator. I have been buying refurbished washer and dryers. It seems to work. I would not go to Craigslist and buy them even though I understand the deal you could get.
I have a different strategy, I buy properties that need rehab and generally buy SS appliances. This way, I refi the property to get my money out so I do not have any money stuck in so I am always concerned on ARV. The additional cost for SS is not that much of a difference. It is well worth it. This is not your typical strategy but it works for me.
Good Luck.